Shares of Cooper Companies (NYSE: COO) traded up two percent following its second quarter earnings release last Thursday.

Below are some highlights and key takeaways from its conference call:

Financials:
• A solid quarter with continued momentum, top line growth was seven percent with revenues of $412 million
• This was nine percent in constant currency and excluding Aime from prior year results
• Free cash flow was $65 million bringing our 12-month trailing free cash flow to $217 million.
• Within CooperVision, we continued making progress with MyDay, our single-use silicone hydrogel lens.
• We ramped up production, and continued to grow sales, and I'm happy to say everything progressing well.
• Regarding CooperSurgical, our fertility business was strong again, up 17 percent.
• This drove nine percent overall growth in Surgical, which was very nice.
• From a gross margin perspective, we were at 65.1%, which met expectations especially given the strength of our 1-Day portfolio, including ramp-up cost from MyDay.
• From an operating margin perspective, we leveraged our operating expenses to grow our non-GAAP operating margin to a very nice 21.8 percent, up from 21.2 percent.
• Operationally, we continue to outperform the market, being almost two times on a trailing 12-month basis.
• Inventories increased approximately $6 million to $345.8 million from last quarter.

Branding:
• In the first quarter, the market grew eight percent and we grew nine percent.
• Our silicone hydrogel family continued to drive our top line. With revenues of $161 million, our silicone hydrogels were up 20 percent in constant currency.
• By lens type, we also kept our momentum with torics accounting for 32 percent of CooperVision and revenues up 8% in constant currency
• Our multifocals now 11 percent of CooperVision revenues, up 19 percent above the prior year.
• Looking at contact lens market, the worldwide market in the calendar first quarter was up 8% in constant currency while CooperVision was up nine percent.
• The market grew six percent on a constant currency basis in the past 12 months.
• CooperVision was up 11 percent during the same period in constant currency.
• Today's 1-Day market is over $3 billion and growing more than five times that of the rest of the soft contact lens market.

Global:
• It's important to note that torics and multifocals have a long way to go in capturing the market opportunity, especially outside the United States.
• CooperVision is the number one player worldwide.
• Geographically, Asia Pac has done best, up 18 percent.
• CooperVision had offsetting events, the value-added tax in calendar period being flushed out in Asia Pac, which did bring up the revenue on a calendar basis up 29 percent.

Guidance:
• This all led us to solid earnings per share and to us again raising the low end of our earnings per share guidance.
• We maintained our revenue and continue to be comfortable with the drivers of our growth, 1-Day lenses driven by MyDay and Proclear and our Biofinity and Avaira product families.
• We will continue to aggressively invest in global expansion opportunities with over 95 percent of the people on the planet outside the United States.
• We believe we will find opportunities to invest in other countries for decades to come, thereby sustaining a low effective tax rate indefinitely.
• We again this year demonstrated we are opportunistically willing to buy in some of our stock to maximize total shareholder returns.